Jindal Steel & Power Ltd. (JSPL) reported its fourth-quarter consolidated net profit surged to ₹1,901 crore compared with ₹82 crore in the year-earlier period on strong operational performance and continued demand for steel.
Net revenues increased to ₹11,881 crore from ₹6,795 crore in the previous year.
Consolidated FY21 net profit was at ₹5,527 crore as compared with a net loss of ₹574 crore in the previous year. Net revenues increased to ₹42,745 crore from ₹34,265 crore in the previous year.
Standalone net profit increased 12 times to ₹3,426 crore from ₹282 crore in the year-earlier period.
During the quarter, the company reported net revenue of ₹10,430 crore as compared to ₹5,930 crore in the year ago period.
For the financial year ended March 31, 2021 the company reported net profit of ₹7,154 crore as compared to ₹618 crore in the previous year.
Net revenues grew to ₹33,308 crore from ₹26,228 crore in the previous year.
“Solid operational performance, divestment of non-core assets and lower capex have all contributed in JSPL continuing on the path of deleveraging with net debt declining sharply from ₹35,919 crore in FY20 to ₹22,146 crore in FY21,” the company said.
JSPL said its net debt has declined to ₹10,589 crore on a standalone basis and ₹19,332 crore on consolidated basis (as on May 11, 2021).
